Taxpayers may now access the new Annual Information Statement (AIS) through the e-Filing site. The agency emphasised in a tweet that "Take a look at the updated Annual Information Statement (AIS). Provides a complete picture of the information regarding taxpayers that is accessible from ITD. To access, go to http://incometax.gov.in and click on the 'AIS' link under the 'Services' page." At the beginning of this month, the Income Tax Department introduced the new Annual Information Statement (AIS) on the Compliance Portal, which provides a taxpayer with a thorough summary of information as well as the ability to make online feedback. Let's have a look at the new Annual Information Statement (AIS) and how to get it.
What is different about the Annual Information Statement (AIS) this year?
The updated AIS now includes additional information on interest, dividends, securities transactions, mutual fund transactions, international remittances, and so on. Duplicate data has been removed from the reports, and the information from the AIS is now accessible in PDF, JSON, and CSV forms for taxpayers to view or download.
The Annual Information Statement (AIS) contains information that is currently on file with the IRS. As a result, taxpayers should be aware that further transactions involving them that are not currently included in the Annual Information Statement may arise, so they should double-check all relevant information and complete the Income Tax Return completely and properly.
What is the current function of Form 26AS?
On the e-Filing portal, taxpayers with an active Permanent Account Number can obtain a copy of Form 26AS, which is an annual consolidated tax statement. The Central Board of Direct Taxes (CBDT) issued an order on October 26 under Section 285BB of the Income Tax Act, revealing extra information in the revised Form 26AS. Until the new AIS is confirmed and fully functional, the new Form 26AS, titled 'Annual Information Statement,' and Form 26AS will be presented on the TRACES site together.
What is the purpose of the online Feedback feature?
If the taxpayer believes the record is incorrect or duplicate, an online feedback option has been made accessible. Taxpayers can also monitor AIS and provide comments in an offline fashion using an AIS Utility. The stated figure and the value after feedback will be presented separately in the AIS. If the data is altered or denied, the source of the data may be contacted for confirmation.
Taxpayers are encouraged to study the material in the Annual Information Statement (AIS) and provide input if anything needs to be updated. The value indicated in the Taxpayer Information Summary (TIS) may be taken into consideration when filing the ITR. If the ITR has already been filed and some information is missing, the taxpayer can alter the return to include the missing information.
What exactly is a TIS (Taxpayer Information Summary)?
A simplified Taxpayer Information Summary (TIS) has been developed for each taxpayer, which shows the taxpayer's aggregated worth to make preparing his or her income tax return easier. "TIS presents the processed value (i.e. the value obtained after deduplication of information based on specified criteria) and derived value (i.e. the value derived after incorporating taxpayer feedback and processed value)," according to the Income Tax Department. If the taxpayer provides input on AIS, the resulting data in TIS will be updated in real-time. The information collected by the TIS will be used to pre-fill the return, which will be allowed in stages.
What should you do if Form 26AS has an error?
The taxpayer can rely on the records presented on the TRACES portal for ITR filing and other tax compliance purposes if there is a discrepancy between the TDS/TCS details or tax payment details represented in Form 26AS on the TRACES portal and the TDS/TCS details or tax payment details depicted in AIS on the Compliance Portal. If taxpayers have any questions, they can go through the AIS papers (AIS Handbook, Presentation, User Guide, and FAQs) in the "Resources" section or contact the helpdesk through the "Help" section on the AIS Homepage.
What is the new Annual Information Statement (AIS) and how do I get it?
Taxpayers can use their PAN, Aadhaar, or User ID to check in to the e-filing system (https://www.incometax.gov.in).
Now go to the 'Services' area and choose 'Annual Information Statement (AIS)' from the drop-down menu.
Select either the PDF or JSON option and click 'Download' to get the AIS statement in PDF format.
To access the AIS, open the PDF file and enter your PAN and date of birth as a password.
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